Living Without Credit

How to Survive the Economic Downturn Without Generating More Debt!

Living without credit used to be a lifestyle choice. Now it’s something we’re all going to have to get used to.

Life without credit

Because the days of cheap and easy credit are gone. If you’ve got this far without racking up a huge pile of debt on credit cards, store cards or personal loans then well done – your frugal habits in the good times will stand you in good stead in the coming lean years. For the rest of us, well – it’s going to be a bit of a culture shock!

Here are just a few tips on how to adapt to a credit-free lifestyle:

  1. Pay for things you want in cash

As obvious as it might sound, this is the most important one of the lot. Make it your number one rule to not put things on your credit cards or otherwise borry money to pay for them. If not having it isn’t a matter of life or death then wait until you have the cash to pay for it. It’s amazing how expensive certain ‘small’ luxuries seem when you part with greenbacks to get them, rather than put them on a card.

  1. Pay for the things you need in cash

There are going to be things that you don’t want to pay for at all. Repairs, school fees, dental work and so on. You know they’re going to come along when you least want them so try and be prepared as much as possible. Start by putting a few dollars every month into an emergency fund. $1,000 is a good starting point, but you really need about 3-6 months worth of living expenses put by to be able to take whatever life throws at you comfortably.

  1. Make savings wherever possible

Go through your household expenses with a fine tooth comb and look for places to make savings. Check out different telephone, gas and electricity companies. See if you can save a few dollars by switching to cheaper brands. Even the most frugal household can usually save upwards of $100 every month by clever budgeting. That $100 may feed your emergency fund until you’ve built it up to a comfortable level and then you can divert it to something else that you need or want – like saving for a new car or a holiday.

  1. Travel without your credit card

If you’ve got credit available, you’ll spend it. But it’s sometimes difficult to travel without Mastercard , Visa or Amex. So ask your bank for a Debit Card instead. This will only let you spend as much as you have in your accout, so you won’t come back from a fantastic break to a whole pile of worry!

  1. Consider your housing situation

As the credit crunch bites in, are you living in a place you’ll be able to afford? Would it make sense to rent somewhere cheaper while house values are tumbling and save money for a deposit so you can buy a new home cheaply a bit later? Don’t make these decisions lightly – be sure to get some proper advice, but do consider this: Do you really want to be tied into a massive mortgage on a home that’s worth less than you borrowed to pay for it? The way things are going, this is a real possibility.

Experts are predicting the most severe recession that most of us have ever seen, or ever will see. If you want to come out the other end in good financial shape then now is the time to make changes. You’ll learn habits that will help you manage money properly for the rest of your life and pave the way to early financial freedom.

Payday Loans

Driving down your local street, for those that are in urban areas, you will likely notice many cash advance loan companies that are operating in your community. These used to be much more infrequent, but their popularity has risen, and there are many different companies to choose from. You will want to evaluate each company, preferably online, as it would take a long time to drive to each one. What you are looking at is whether or not they offer overnight cash loan packages, ones where you can submit your application that afternoon, and get your money the next day. Here is the best way to evaluate these payday loan businesses, and find one that can offer you this type of deal.

Payday Loans

Why You Might Need One Of These Companies

For those that have a steady job, and make far more than they actually need, they will likely never use one of these businesses. However, if you are living paycheck to paycheck, and an unexpected bills shows up, you could be placed in a difficult financial scenario. Instead of worrying about what you will do, you can speak with one of these payday loan companies, or simply go to one that is on the web. Your evaluation of them will be based upon information that you find online, preferably from reputable review sites, and then use one that offers overnight cash options.

How They Can Approve Things So Quickly

When you are filling out the application, you need to realize that they are only concerned with two specific things. First of all is whether or not you are gainfully employed with a paycheck that will soon be deposited into your account. This is the money that you will use to pay back the principal amount of the loan, and the interest that will accrue. The second thing they are concerned about is the actual amount that you are borrowing. The key to making sure that your application goes through, and that your money will be there the next day, is to borrow about 50 percent of your next paycheck. You can borrow more, but you have to keep in mind that that is a maximum to consider so that you will have enough to pay off the interest as well. They are able to approve these loans so quickly because they are only looking at your ability to pay off the loan in the next few weeks, and if you can show proof of that, you will be instantly approved.

After you have submitted your application with one or two of these companies that is recommended, and that has testimonials perhaps from previous customers, you can be very confident that you will be working with a reputable company that will provide you with an overnight cash loan. The interest rate is going to be reasonable in comparison to any fees that you may be responsible for if you are late on the payments coming up. It is a great financial relief company, a business designed to help those in need, with instantaneous cash loans.